Blockstream CEO Adam Back said that Bitcoiners should forget about the Satoshi unit of measurement, known as “sat.”
The computer scientist recently wrote on Twitter saying that it was “Time for a bits reboot” and “sats are confusing.”
Satoshis are units measuring the tiniest amount of Bitcoin – one hundred-millionth of a coin.
According to Back, who has been studying Bitcoin ever since its inception, bitcoin holders should go back to using bits as the smallest unit of measurement for it is more comfortable.
Bits are measured one-millionth of a coin “1million is much easier than 100mil base,” he wrote. “Even Bitcoin-qt (core) had bits for years.”
“a Bitcoin is too expensive, but sats are too many, sound cheap and confusing.” That’s “hard to figure out what you bought,”
Back continued saying “a Bitcoin is too expensive, but sats are too many, sound cheap and confusing.” That’s “hard to figure out what you bought,” he stated. He mentioned that if the price of Bitcoin reaches $1M, a bit will still be cheap – around $1.
He also stated there has been “universal newcomer confusion” with buying fractions of a Bitcoin and that, “You still have sats, just bits, and cents, like dollars and cents.”
The crypto-community slurped up Back’s idea on Twitter. Crypto-anarchist David Burkett marked: “I couldn’t agree more. Sats have always seemed too small and abundant to reason about. Dividing by 100 mils is also much less natural than dividing by 1 mil.”
Although Bitcoin maximalist, the pseudonymous “Bitcoin Arthur Morgan,” stated: “I agree with you on this. We should use bits more. After the coming bull market is finished, exchanges can denominate the BTC price per bit.”
And the co-founder of the computing platform Blockstack approved that “Bits is a much simpler mental model.”
In perhaps the modest squabble, Back added that: “There is something poetic about a Bitcoin being made of bits.”
Return the bits!
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